17th Jul 2026 11:52
(Alliance News) - Itaconix PLC on Friday said it generated "record" revenue in its first half, and expects to exceed market guidance for the full year.
In response, shares in Itaconix surged 25% to 147.00 pence late on Friday morning in London.
The London-based manufacturer of plant-based polymers, in its "strong trading update" for the first half of 2026, said it is "pleased with progress across the business and at this stage of the financial year."
Itaconix reported "a record first half," with unaudited revenue surging 72% to USD8.3 million from USD4.8 million for the same period in 2025. Also, revenue rose 46% from USD5.7 million in the second half of last year.
Itaconix also expects to report a first-half gross profit margin "in line with" the 36% reported for the prior year, in light of "robust management of raw materials and supply chains."
The company said its Performance Ingredients division performed well in the EMEA and North America regions, driven by two new customers and strong reorder volumes from existing ones. SPARX Formulated Solutions, meanwhile, "experienced growth due to the increased use of SPARX formulations in North America for solid unit-dose dish and laundry detergents."
Additionally, Itaconix said it is advancing longer-term revenue opportunities with its BIO*Asterix specialty monomers and binders in high-value paints, and its new BioVail plant nutrition ingredient in crop production.
Looking ahead, Itaconix expects 2026 revenue of at least USD14.8 million, ahead of current market expectations, although it noted that "re-order rates are yet to be firmly established". It also anticipates "a small positive" earnings before interest, tax, depreciation and amortisation total, "reflecting strategic investments in headcount and product development to drive near-term growth and advance longer-term revenue potential."
Itaconix said analyst forecasts for the full year indicate revenue of USD13.3 million and Ebitda of around USD300,000.
Previously, on Tuesday, Itaconix announced its first customer supply agreement for its 8-gram plastic-free dish detergent tablets, which it will supply under SPARX Formulated Solutions "to a North American purpose-driven brand using the pilot-scale tableting capacity at its North American Innovation Center."
Itaconix said the contract is an important milestone in the North American commercial introduction of the new tablets, which it expects to be available on retail shelves by the end of this year.
By Emma Curzon, Alliance News reporter
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